Nova Chemicals Posts Fourth-Quarter Profit

12:02 PM MDT | March 13, 2012 | Lindsey Bewley

Nova Chemicals reported fourth-quarter net income of $77 million, up 22% from the year-ago quarter, on higher margins in the company’s olefins segment. Sales were down 5.8% from the fourth-quarter of 2010. Operating income in the Nova’s olefins/polyolefins business unit generated $190 million, down 9% from the year-ago period, due to an increase in olefins margins that was more than offset by a decline in margins in the company’s polyethylene segment. The company’s styrenics business posted operating income of $1 million...